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HSBC USA Inc., Q1 2003 Results
28 April 2003
- Net income for the quarter ended 31 March 2003 increased by 20 per cent to US$254 million compared to US$211million in the first quarter of 2002.
- Net income as a percentage of average common equity for the quarter ended 31 March 2003 was 15.1 per cent compared to 12.9 per cent during the quarter ended 31 March 2002.
- The cost:income ratio for the 2003 first quarter was 50.9 per cent compared to 52.4 per cent for the same period in 2002.
- Tier 1 capital to risk-weighted assets was 9.4 per cent at 31 March 2003 compared to 8.4 per cent at 31 March 2002.
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Client assets under administration at 31 March 2003 were US$48.9 billion, of which US$34.0 billion were funds under management and US$14.9 billion were custody accounts.
Financial commentary
HSBC USA Inc. reported net income of US$254 million for the quarter ended 31 March 2003, an increase of 20 per cent from US$211 million for the first quarter of 2002. Net interest income grew and most categories of fee based income improved.
Commenting on the results, Youssef A Nasr, Chief Executive Officer of HSBC USA Inc., said: “We are pleased with the results that we have reported today. Notwithstanding the difficult economic and consumer environment in which we are operating, they present a positive picture in almost all aspects of our business. However, we remain cautious about the general economic outlook as we move forward.
“On March 28, HSBC Holdings plc completed its acquisition of Household International, Inc. The acquisition gives HSBC an immediate presence in 45 states and presents us with an exciting opportunity in the United States to offer HSBC and Household customers a full spectrum of financial services. The broadened business and product mix will create exciting cross selling opportunities for both retail and commercial customers as well as an opportunity for Household to capitalise on its strong credit management and technological skills.”
HSBC USA Inc., Q1 2003 Results
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